Posted: Jan 29, 2013 6:38 PM by Associated Press
Updated: Jan 30, 2013 3:26 PM
JEFFERSON CITY - Missouri senators have endorsed legislation that could be used to attract big-time sports events to the state.
The bill given initial approval Tuesday would authorize Missouri to issue up to $3 million of tax credits annually to the organizers of amateur sporting events such as NCAA basketball tournaments. It also could be used to attract Olympic trials.
Missouri once was a frequent host of big-time sports events. But supporters of the legislation say Missouri has been losing out recently to other states offering incentives.
Some senators raised concerns about the cost of the incentives. But the chamber defeated an amendment to limit the credits to $2 million annually.
Supporters said the tax credits would be more than offset by the additional sales taxes paid by visiting sports fans.